IPT to blow home premiums “off course”
Analysis says IPT will boost premiums but customers will look to switch with a third threatening to cancel policies.
Research by consumer intelligence has revealed that many customers will either switch or cancel personal lines policies when the Insurance Premium Tax increase begins to impact.
Consumer Intelligence's research, which is used by the ONS, showed that 56% of customers will switch or consider switching due to tax rise while 27% of customers will cancel policies and/or reduce cover.
The research also revealed that, despite the promise of price rises when IPT kicks in, home insurance premiums
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